1st Year

[gonfishn]

A year ago I made a decision to embark on a new business adventure. Although this wasn't my first rodeo it was still a tough decision. Most folks at 55 look forward to a few more years then retire.<br /><br />Giving up a successful Franchise and going on my own created alot of stress in my life let alone risking pretty much all my assets.<br /><br />My reason for doing this was the big boys decided to up my fee to almost 40%,which amounts to about a 40t pay cut.<br /><br />Well I broke even my first year. The company I worked for now lost about 50% of their business and now are pulling out of Chillcothe.<br /><br />For those of you who dream about doing it on your own let me say this.<br /><br />1. Do it at a young age..LOL<br />2. Make sure you have enough working Capital for at least a year. Most new business adventures fail in the first year<br />3. You need to be willing to risk it all. Burn all bridges behind you so you can't turn back. <br />4. Remember their are dreamers and doers. <br /><br />In the beginning I was given no chance of surving in trying to compete with the big boys. What they didn't realize the strong support of folks who have bought from myself in the last ten years.<br /><br />I type this for those of you who dream of doing it on your own. Believe in yourself and put all your energy and talent into it and you will succeed.

 

[heycods]

Re: 1st Year

And may the comming year be even better.

 

[SS MAYFLOAT]

Re: 1st Year

That is some good advice Jeff. Taking a risk is always an adventure. Good to hear that the big boys left town and thier customers to you. Hope your second year kicks some butt!<br /><br />BTW, just a couple of more months and the gators will crying at Clearfork for ya!

 

[SpinnerBait_Nut]

Re: 1st Year

WTG, Jeff.<br />Another note, always do right by the customer, that is what will make your business.

 

[JB]

Re: 1st Year

Good show, GF.

 

[Link]

Re: 1st Year

Glad to hear GF, you have some awesome products!

 

[18rabbit]

Re: 1st Year

Glad to hear you are still with us, Gonfishn. I remember when you took your leave of absence to pursue your venture.<br /><br />Yes! Definitely need to be in business for yourself, age doesn’t matter. I actually think the more mature a person is the better the change for success.<br /><br />Ideally you should have capital to carry the primary salaries for the first 2 years.<br /><br />Knowing what you are doing reduces most of the risk. Most of the businesses that fail, and you are right, most new start up businesses fail, do so because of poor planning and/or lack of knowledge.<br /><br />If you fail, get up and do it again. Mary Kay once said she got up with bloody knees several times before hitting on the idea of a cosmetics line.<br /><br />The professor of the MBA program at UCLA said there is no college courses that will teach you how to be successful in your own business. MBA programs are designed for people that want to work in finance companies, stock brokers, etc. He also said the best way to insure success with your business is to fail at other businesses. No other way to get the knowledge and experience it takes to make it all work.<br /><br />Failure is nothing more than proof that you have exceeded a limit. Education comes from recognizing that you have exceeded a limit. And wisdom is the ability to stand toe to toe with that limit without exceeding it again.

 

[bubbakat]

Re: 1st Year

Good news indeed to hear you old goat.

 

[bubbakat]

Re: 1st Year

ooppss double your pleasure.